Two-third of crypto users support taxation on cryptocurrencies

A recent survey conducted by the South Korean wallet provider Childly showed that two-thirds of crypto users are in favor of cryptocurrency taxation.

A recent survey conducted by wallet provider Childly found that 66% of respondents are in favor of taxing cryptocurrencies. The survey included more than 5,750 crypto users worldwide, and only one-in-five crypto users are opposed to digital asset taxation. The survey hinted that the crypto community is welcome to taxing cryptocurrencies. Only 20% of the polled crypto users disagree with taxing cryptocurrencies at present, and 9% of surveyed crypto users think its too early to tax crypto. 

Crypto community not worried about taxation. 

The survey conducted hinted that the crypto community is not worried about the taxation on cryptocurrencies. 48% of respondents strongly agreed that crypto-assets should be taxed; describing digital asset taxes is a must. And 18% of participants expressed support for crypto taxes with the condition being that tax rates are set at an acceptable rate. 11% of polled crypto users expressed strong disagreement with taxation at all, and believe that an “entirely new approach” is needed with regards to cryptocurrencies. 

Childly chief executive, Eunti Kim, said that although several countries have already started its taxation on cryptocurrencies, voices of those asking for the more cautious approach to applying tax rules should be heard at all levels as well. 

 

Countries continue to implement FATF guidelines. 

Several countries have already implemented crypto regulations as proposed by the Financial Action Task Force last year. Earlier this year, the financial regulators in the capital city of the United Arab Emirates, Abu Dhabi, updated crypto regulations in more aligned to guidelines proposed by the FATF. South Korea and Singapore also passed legislation that forces crypto companies to comply with anti-money laundering guidelines, as suggested by the FATF. 

Despite the acceptance of taxes, there are several crypto users owe taxes. Cryptocurrency accounting platform Blox and tax software provider Sovos reported highlighting significant issues about crypto taxation from the perspective of tax professionals, with 90% of CPA’s identifying missing data from clients as among their most significant challenges. 

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